Retail success isn't just about acquiring customers and selling more products. While maximizing sales is essential, ensuring smooth and efficient operations is equally important. We'll discuss the most common challenges retailers face
Category: 🛒 Store Sales and Performance
How-tos and best practices for driving sales and performance in retail and hospitality.
Bindy is a cloud-powered app to automate retail and hospitality ✔️ audits, 🗓️ tasks and 📣 communication.
How to Run a Thriving Retail Business Amidst Economic Uncertainty
Retailers and consumers alike have been facing the brunt of inflation of late. You don’t have to be an expert in economics to see how dramatically the prices of everything — from gas to household essentials — have been rising since the past year. June 2022 recorded an inflation rate of 9.1%, the highest we’ve … Continue reading How to Run a Thriving Retail Business Amidst Economic Uncertainty
How to Scale Your Operations from Regional to National
Many growing businesses reach a point where they start to outgrow their current market. Perhaps you’ve already managed to capture a large chunk of customers in your local area. Maybe your regional business has grown to become the top choice in your category. Whatever the case, you may find yourself exploring the possibility of expanding … Continue reading How to Scale Your Operations from Regional to National
5 Reasons People Leave Your Stores Without Buying Anything (and How to Fix it)
While industry data shows that retail foot traffic is up 4.8% this year, there’s still plenty of room to improve. As such, it’s more important than ever to focus on in-store customer conversions. After all, attracting shoppers to your store is challenging enough as is it; the last thing you want is for customers to … Continue reading 5 Reasons People Leave Your Stores Without Buying Anything (and How to Fix it)
7 Costly Mistakes to Avoid in Retail
The retail industry has always been competitive, but the last few years have been more challenging than ever. People’s shopping habits have evolved dramatically and consumer expectations continue to increase. As such, every retailer needs to be aware of the right strategies in order to be truly successful in the current landscape and beyond. To … Continue reading 7 Costly Mistakes to Avoid in Retail
Franchise vs. Corporate: 6 Things You Need to Know
Franchise and corporate-owned retail stores are two different breeds. Casual shoppers shouldn’t notice the difference, as both types of stores have the same general appearance and product mix. But, when it comes to franchise vs. corporate, the people managing and running these stores will have a different experience. Have a look at these comparisons below, … Continue reading Franchise vs. Corporate: 6 Things You Need to Know
How to Hold a Sale without Killing Your Profits
All retailers should know how to hold a sale since promotions and discounts are easily one of the best ways to boost your bottom line. It creates a sense of urgency amongst consumers, and also helps to introduce your brand to new customers who haven’t encountered you before. However, sale events can also reduce your … Continue reading How to Hold a Sale without Killing Your Profits
How to Grow a Retail Business: From 1 Store to 5 Stores
Single-store retailers that have found success often start thinking about the prospect of setting up shop in other locations. This is a natural step that many businesses take, and for good reason: expanding to other locations puts your business in front of more people and opens up opportunities for growth. But as you think about how … Continue reading How to Grow a Retail Business: From 1 Store to 5 Stores
11 Ways to Increase Your Local Retail Presence
Most entrepreneurs have the urge to think big and grow their businesses. As a retailer, this can mean expanding to other locations and setting up multiple stores in other cities or states. And while this is a perfectly sound strategy, growing your business isn’t just about developing your physical retail footprint. In many cases, you … Continue reading 11 Ways to Increase Your Local Retail Presence
How to Grow a Retail Concept from 5 to 50+ Stores
Taking any business from one stage of growth to another requires knowledge, skills, and mindset. Growing from one to five stores requires a completely different strategy from scaling your retail store counts to double digits. In other words, what got your business to where it is today, won’t get it to the next level. So how … Continue reading How to Grow a Retail Concept from 5 to 50+ Stores
4 Ways Using Technology in Retail can Increase Sales
Now more than ever, retailers need to find ways to stay more competitive. Your product, price, and customer service, while important, can no longer be what you hang your brand’s hat on alone. Stores need to ensure that they are creating an experience for their customers and increasing engagement. One way retailers can accomplish this is … Continue reading 4 Ways Using Technology in Retail can Increase Sales
5 Manual Processes District Managers Should Automate
Working as a retail district manager requires you to become a jack-of-all-trades. You oversee multiple stores in your region, handling their store-specific issues on a day-to-day basis. Concurrently, you’re tasked with ensuring that each store aligns with the company’s operational guidelines and longer-term strategic goals. To thrive in this fast-paced business environment, you need to … Continue reading 5 Manual Processes District Managers Should Automate
4 Ways to Automate in Retail
Retailers are held to higher standards than ever before. The most successful brands are nimble, customer-first, culture-oriented, and efficient. That’s a tall order. And management staff are feeling the pressure. In fact, 72% of business managers are overwhelmed by their job. Retail automation empowers brands with better data, increased efficiency, and overall cost savings. It … Continue reading 4 Ways to Automate in Retail
How to Reduce Returns in Your Stores
Retail returns aren’t just an eCommerce problem; all retailers should be thinking about ways to reduce returns. While online fashion purchases are returned twice as often as items bought in-store, returns in physical stores are also taking a big chunk out of retailers’ market share. This year alone, returns will cost companies $550 billion (that’s a … Continue reading How to Reduce Returns in Your Stores
6 Ways to Improve Store Performance
A store missing its targets or failing to meet expectations can derail company revenue goals for the quarter or even the whole year. Additionally, underperforming stores can lower employee morale. This can lead to a further decline in revenue. For this reason, managers should act immediately to improve store performance when they discover that a … Continue reading 6 Ways to Improve Store Performance
7 Tips to Increase Same-Store Sales in Retail
One of the best ways to tell if your retail stores are doing well is to compare their performance from the previous period. Revenue numbers alone cannot tell the whole story without context or historical data, so it’s important to look at how a store’s revenue is tracking over a given timeframe. This is where … Continue reading 7 Tips to Increase Same-Store Sales in Retail
How Retailers can Create a Positive First Impression
When was the last time you made an assumption about something? Or someone? The reality is, assumptions are often made instinctively – whether they are right or wrong. It’s human nature to react to situations, experiences and even people despite not knowing anything about these scenarios. It’s fair to say that first impressions matter – … Continue reading How Retailers can Create a Positive First Impression
5 Tips for Creating Campaigns That Increase In-Store Traffic
If you’re in retail, we’re willing to bet that getting more visitors to your location is pretty high up on your wishlist. When you increase foot traffic to your retail store you also increase sales and revenue opportunities. This translates to a higher bottom line and a healthier retail business. That’s why it’s important to … Continue reading 5 Tips for Creating Campaigns That Increase In-Store Traffic
10 Point of Purchase Display Tips to Increase Retail Sales
A point of purchase display (aka POP display) is a critical sales and marketing tool for retailers and CPGs. POP displays can introduce and educate shoppers, encourage them to try a product, and ultimately drive sales. Point of purchase displays can also enhance a retail store. The best ones breathe life into your space, making … Continue reading 10 Point of Purchase Display Tips to Increase Retail Sales
10 Ways To Maximize Sales In Retail
Let’s just cut to the chase — if you’re a retailer, your goal is to get new customers and keep the customers you have coming back, all in the name of increased sales. Without sales, you don’t have a business. Thus, strategizing about how to maximize retail sales should be a top priority. According to … Continue reading 10 Ways To Maximize Sales In Retail
5 Ways to Increase Foot Traffic in Stores
Whether you’re opening your first retail store, a veteran retailer or an experienced merchant simply wanting to boost sales, identifying opportunities to increase foot traffic is among the most critical ways to enhance store performance. In fact, a study revealed, “Shopping in person is actually a revenue booster for retailers because in-store shoppers spend more.” … Continue reading 5 Ways to Increase Foot Traffic in Stores
Reasons Why Customers are Walking Past Your Store
One of the most essential measures when it comes to running a brick-and-mortar store is getting foot traffic. The more traffic you generate translates into more opportunities for sales and customer engagement, which in turn leads to the main goal — increased revenues. For small and large retailers alike, having a storefront that customers enjoy and … Continue reading Reasons Why Customers are Walking Past Your Store
3 Things You Need to Grow Your Retail Business
A retail organization has many moving parts. Here are three things you need to do to grow your retail business. Accurate and Quick Communication Accurate and quick communication from head-office to the stores is essential to the success of a retail organization. Each store is a brand ambassador who speaks for the entire brand. A … Continue reading 3 Things You Need to Grow Your Retail Business
Franchising in Retail: 7 Ways HQ Can Support Franchisees
Franchising is a great way to expand your brand and make a bigger geographical footprint. Take note: there's more to building a successful franchise business than simply handing out a few brand guidelines and letting your franchisees run with it. The most successful franchises go the extra mile. McDonalds is one of the world’s largest, most … Continue reading Franchising in Retail: 7 Ways HQ Can Support Franchisees
7 Things Retailers Can Learn From Apple
In order to grow as a business, you have to learn from the best in the business. And when it comes to retail, it doesn’t get much better than Apple. When Apple released their financial results for its fiscal 2018 fourth quarter, it was revealed to be a quarterly revenue of $62.9 billion, an increase … Continue reading 7 Things Retailers Can Learn From Apple
✔️ KPI Checklist
Key Performance Indicators are performance measurements that help you know if your business is reaching its goals and operating optimally. Use a KPI checklist to help you measure, detect and respond to dips in sales and margins and other strategic facets of your business. Below, some sample Key Performance Indicators to include on your KPI … Continue reading ✔️ KPI Checklist
5 POS Strategies That Increase Sales
As a retailer, you know that your point-of-sale (POS) system is more than just a tool to process transactions but rather an asset to help your business improve both profit and operations by leaps and bounds. With so many POS options available, it’s easier than ever before for merchants to have access to even more … Continue reading 5 POS Strategies That Increase Sales
4 Retail Store Layout Tricks That Increase Sales
Merchandise will sell itself when it looks good. But when it doesn’t, even the best product can sit on your shelves gathering dust! You need an environment that attracts customers, entices them to spend time in the store, and encourages them to purchase impulsively while they are there. Here is a list of 4 store … Continue reading 4 Retail Store Layout Tricks That Increase Sales
7 Manual Processes Every Retailer Should Quit Doing
Retailers — actually, all entrepreneurs — are busier than ever, with most business owners feeling like they don’t have enough time. Research by Microsoft found that more than 50% of managers feel burned out at work. Can you relate? If so, then you should make it a priority to free up more time in your … Continue reading 7 Manual Processes Every Retailer Should Quit Doing
10 Ways To Use Consumer Psychology To Increase Sales In Retail
All humans share similar psychological and emotional triggers — gravitating toward pleasure versus pain, amusement versus boredom, and satisfaction versus discontent. The average consumer naturally weighs costs and benefits when shopping. Retailers can utilize a range of psychological techniques to influence shoppers’ behavior and ultimately increase conversions and total sales during the holiday season and … Continue reading 10 Ways To Use Consumer Psychology To Increase Sales In Retail
Retail Apps, Tools, and Platforms That Take Your Stores to the Next Level
One of the best things about being a retailer today is having access to a multitude of tools, apps, and platforms that can make your work life more efficient. While merchants of the past relied heavily on manual admin, paperwork, and inefficient communication channels, modern retailers enjoy the benefits of speed, automation, and cloud-based systems. … Continue reading Retail Apps, Tools, and Platforms That Take Your Stores to the Next Level
Top 10 KPIs That SMB Retailers Should Track — And How To Measure Them
When running a small business, there are no small decisions. You have to dig into the retail details and analytics that deliver the data behind every transaction and interaction that happens in your store. That’s where Key Performance Indicators (KPI) come in — numeric values that indicate whether your business is reaching its targets. They … Continue reading Top 10 KPIs That SMB Retailers Should Track — And How To Measure Them
4 Strategies For Change Management In Retail
Nothing endures but change - Eraclitus Change is inevitable in the fast paced environment of retail and hospitality. It helps the brand stay relevant, efficient and competitive in the eyes of customers and guests. However, change can be hard. Not everyone likes it! Change means stepping into the unknown. It does not have to be … Continue reading 4 Strategies For Change Management In Retail
4 Ways SMBs Compete with Big Retailers Opening Smaller Stores
Are small stores the next big thing in retail? It would appear so. Over the last few years, big name retailers have made the move towards smaller format stores. Target, for one, already has numerous small stores in various urban areas. They continue to grow their small format stores year over year to bring more … Continue reading 4 Ways SMBs Compete with Big Retailers Opening Smaller Stores
6 Essential Tools Every District Manager Should Use
While your success as a district manager largely depends on your skills and knowledge, the tools that you’re using can significantly affect how well you do your job. That’s why it’s vital that you utilize solutions (i.e., apps, platforms, services, etc.) that keep you informed, boost your productivity, and make your job easier overall. Need … Continue reading 6 Essential Tools Every District Manager Should Use
5 Tips for Dealing with Unsuccessful Retail Programs
It happens even to the best brands. You conceptualize and execute a retail campaign to get your product into customers’ shopping carts, only to see lackluster results. The campaign, to put it bluntly, flopped. It’s a frustrating position to be in, but how you handle and respond to program flops can help you learn and … Continue reading 5 Tips for Dealing with Unsuccessful Retail Programs
Customer Complaints are your Friend. How do you Treat your Friends?
A friend tells you what you need to hear, but don't always want to. This is why customer complaints are your friend. Let's dive in. Listen to those who speak up (many don't) According to research, only 4% of customers file a complaint on a company’s website or call center, but 42% of customers will … Continue reading Customer Complaints are your Friend. How do you Treat your Friends?
The Evolution of Foot Traffic Analysis and How to Use It
Foot traffic analysis is helping brick-and-mortar stores gain the same rich customer insights e-commerce brands have been capitalizing on. When online shopping made headway, e-commerce brands had an upper hand in terms of data. They could track more than just how many people came to their site — they could look at how they interacted … Continue reading The Evolution of Foot Traffic Analysis and How to Use It
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